€53 million net profit by TAV in the first half of the year
Consolidated revenues of TAV Airports reached €567 million in the first half of 2013. The company increased passenger numbers by %24 to 39 million compared to the same period of last year.
TAV Airports Holding (ISE: TAVHL, “TAV”), the leading regional airport operator of Turkey, announced a net profit of € 53 million in the first half of 2013 by 7% compared to the same period of last year.
TAV Airports Holding CEO and President M. Sani Şener commented, “The first half of 2013 has been exceptionally strong in terms of operational performance. EBITDA growth reached 28% and consolidated EBITDA came in at €166 million in the first half of 2013. We, thus managed to improve the EBITDA margin 2.4 percentage points in 2013 YoY. On the back of this robust operating performance Free Cash Flow generation enjoyed a 61% increase and reached €105 million. The strong operating performance came on the back of passenger growth that soared 24% to 39 million, where double digit growth continued in most of our airports. While we added 3.7 million passengers from Istanbul during the first half, we also added 2.4 million passengers from Medinah as inorganic growth. Our operating expenses* increased only 13% YoY and we thus enjoyed a high degree of operating leverage. While we had enjoyed non-cash FX and deferred tax gains in the first half of 2012, we recorded non-cash FX and deferred tax losses in 2013. Despite these pressures on the bottomline, we had a 7% net income increase and we finished the first half of the year with a net income of €53 million (126 million TL). This is a record high net income figure for the first half of the year.”
Executive Chief Officer Şener underlined that the construction works initiated in Medinah and Izmir were both ahead of schedule and they were looking forward to serving passengers in the new terminals. Şener also thanked to all TAV employees for another very strong quarter.
KEY PERFORMANCE INDICATORS
Revenues and EBITDA have been adjusted to reverse IFRIC 12 and IFRS 11.